Tech Mahindra to buy minority stake in European co
MUMBAI, Aug 28 (Reuters) - Tech Mahindra Ltd (TEML.BO: Quote, Profile, Research) said on Thursday it would acquire a minority stake in European systems integrator, Servista for an undisclosed sum and would be the latter's delivery arm for three years.
As part of the deal, Tech Mahindra would also assist Servista in securing more large scale technology offshoring business in Europe, the Indian firm said in a statement, adding that it will also nominate a member on Servista's board.
Servista's local presence in Europe would be beneficial for an Indian firm such as Tech Mahindra, it added. Servista's expertise include services in customer relationship management and billing, Tech Mahindra said.
Shares in Tech Mahindra were trading 2.72 percent down at 755.95 rupees in a weak Mumbai market.
(Reporting by Kaustav Roy; Editing by Ramya Venugopal)
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